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UPDATE: Oppenheimer Upgrades Momo Names Netflix, Yelp

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The selloff in momentum names like Netflix (NASDAQ: NFLX) and Yelp (NYSE: YELP) has created a buying opportunity, according to Oppenheimer analyst Jason Helfstein.

The analyst upgraded both stocks from Perform to Outperform and has price targets of $419 and $78 for Netflix and Yelp, respectively.

Helfstein believes the near-term fundamentals remain unchanged in the face of negative headlines for both companies.

Amazon's set-top box launch “will actually be a positive for NFLX, as a featured application,” the Oppenheimer analyst said.

The FTC investigation of false or fraudulent reviews on Yelp is “mostly noise,” in Helfstein's eyes.

According to Ari Wald, Oppenheimer's technical analyst, “the chart pattern suggests a near-term bounce if market stabilizes” as both stocks are sitting on support levels.

Shares of Netflix are flat in Monday's trading, while shares of Yelp are down 0.46 percent.

Latest Ratings for NFLX

DateFirmActionFromTo
Jul 2016JP MorganMaintainsOverweight
Jul 2016Goldman SachsMaintainsBuy
Jul 2016Credit SuisseMaintainsNeutral

View More Analyst Ratings for NFLX
View the Latest Analyst Ratings

Posted-In: Jason Helfstein OppenheimerAnalyst Color Upgrades Price Target Analyst Ratings

 

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